Monday, 28 July 2014

1pm update - baby bull flag

US indexes are making a play to turn positive (although yes, the R2K/Trans remain very weak today). A daily close in the sp'1980s looks viable. Metals remain moderately weak, Gold -$4. VIX is battling to hold the 13s.



Without getting lost in the minor noise (it remains a tough battle)... we have a micro bull flag on the 5/15min cycles.

A high chance of at least briefly breaking into the 1980s. will likely move into super churn mode tomorrow...when the FOMC meeting begins.

A definitive break out of the 1990/50 zone looks unlikely until at least Wednesday..but more likely... Friday.

Notable weakness: Oil/gas drillers, SDRL -2.7%

1.43pm... stupid spike.... nasty market.... sp'1980s... bears being routed out.

Baby bull flag.... confirmed....  VIX red.